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Nigeria to Increase Budget Gap as Oil Falls Below Benchmark

  • Fiscal deficit will rise 36 percent to 3 trillion naira
  • Nigeria is ''firmly committed'' to counter-cyclical spending
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Nigeria increased this year’s budget deficit forecast by 36 percent after oil prices fell below the $38 per barrel benchmark set by Africa’s top producer.

The gap will increase to 3 trillion naira ($15.1 billion), or 3 percent of gross domestic product, from the record deficit of 2.2 trillion naira set out by President Muhammadu Buhari last month, Finance Minister Kemi Adeosun said in an e-mailed statement on Thursday.